alt Hacker NewsWhy do you think stablecoins cannot be taken away? There are already many cases where eg Tether got a court summons and handed over the contents of certain wallets to the local authorities.
Why do you think stablecoins cannot be taken away? There are already many cases where eg Tether got a court summons and handed over the contents of certain wallets to the local authorities.
The original stablecoin, DAI, used since 2017 by a lot of people living in countries ravaged by horrible inflation cannot be taken away.
It can just be a smart contract with overcollaterised crypto backing it. And the idea is kind of genius.
All the USDT and USDC which appeared later on a just "proxy" for "real" dollar hold by Tether or Circle. There is nothing permissionless or decentralized about them.
So "stablecoin" can mean very different things in practice.